http://www.dailymail.co.uk/news/art...es-72MILLION-trading-stocks-lunch-breaks.html amazing! started in penny stocks then moved to midcap then gold and crude futures! He's da man! PTJ is his hero. I wondered what was his starting stake..
I read that story earlier -- and was expecting it to appear on trading forums. That is a crazy story. I thought it would be another random at-home trader surpassing the magical million mark -- but was shocked to see it was more like 72 million... How is that even possible...he bets everything on one high risk/high reward trade...over and over again...and being very lucky in the process... The article said he bought/drives a BMW -- heck, drive a Ferrari instead...you definitely earned it.
That's pretty wild! I want more details on his trading. That's an AMAZING compounding rate assuming he didn't start with $1M trading account. But even if he DID start with a $1M trading account that's a 72 FOLD! Given he started at age 9 and now he's 17, that's 8 yrs to MULTIPLY 72 FOLD. Crazy. I doubt he started with a $1M. Maybe if he was lucky a $50K-$100K, which is even more extraordinary. Or he got investors money along the way after he had a good run. He could be the modern day Paul Tudor Jones... Inspiring.
If I was him, I won't bother to tell other people what I am doing. I won't bother to go to college. I will find a nice place to live and trade for myself.
I would figure on a trading forum, people would be a bit more skeptical. I guess not. That being said, it's most prob bs. No specifics at all... Who is his clearing firm? What is his strategy? You can go back and specifically match his trades up if he showed any form of documentation.
If that's true, this dude is awesome. I think it is really possible for a teen to "crack the markets". I was a lot more hard working at that time...And thinking faster too. Now the only thing left is experience but it is a valuable one.
I'm skeptical. Like you said, very short on specifics. WS is fascinated with stories about unlikely successful traders. This is like the Beardstown Ladies back in the Nineties. That story turned out to be a lot less than meets the eye. And people thought Bernie Madoff was a trading genius before he was exposed as a conman. This new kid clearly comes from money ... the "poor little immigrant" fable doesn't wash. Only a supergenius could turn a micro account into tens of millions in eight years. This story is woefully lacking in details.
Guess what... The day he joins Elitetrader.com and talks about his trades or trading plan, you guys will be the first to call him out and say he's a liar, lucky, trade method does not work, scam and so on. After that, there will be demands for him to start a trade journal and post real-time calls as proof. :eek:
Check my posts. I don't do that. What I'm focussing on is a media story that sounds too good to be true. Wouldn't be the first such story, would it?